If the consumer's budget constraint is given by 4P + 2B = 50 where P is pizza and B is burgers, the following bundles of pizza and burger would be on the budget constraint:
A. P = 2; B = 24
B. P = 2; B = 21
C. P = 5; B = 10
D. P = 10; B = 20
Answer: B
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A) outlaw the production of steel. B) institute a specific tax of $25. C) institute a specific tax of $50. D) institute a specific tax equal to area b.
If services are purchased from others that were once performed internally, then a firm has
A) downsized. B) outsourced. C) reduced the economies of scope. D) experienced diseconomies of scale.
The circular flow diagram shows the flow of money and goods and services between households, firms, government, and foreign countries
a. True b. False Indicate whether the statement is true or false
If a country's purchases of foreign assets exceeds foreign purchases of domestic assets, that country has
a. positive net exports and positive net capital outflows. b. positive net exports and negative net capital outflows. c. negative net exports and positive net capital outflows. d. negative net exports and negative net capital outflows.